Gold Crashes Below the July Lows: How Low Can It Go?
1 extracted signal · 0 resolved · 1 still active
MCO MarketsIndependent analyst profile- Source published
- 31 Oct 2026, 07:30 UTC
- Recorded by Tahlil Plus
- 31 Oct 2026, 12:21 UTC
AI-generated source summary
The market analysis indicates a bearish trend for gold (XAUUSD). The price is currently below the July lows and has experienced a significant drop since the August high, closing at $4,022 on October 29th from $4,680 on August 24th. There is no immediate sign of bullish strength, as bulls failed to form a higher low above the July lows and failed to break any resistance. The next significant support level identified is at $3,762.29, corresponding to the 38.20% Fibonacci retracement level. The analysis suggests that as long as the market stays below $4,083, pressure will remain downwards. This situation is described as a 'falling knife,' indicating a strong downward momentum that has not yet found a bottom. The focus remains on the potential downside continuation with the next key level of support being $3,328.95 (50% Fibonacci retracement).
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